Colliers facilitates sale of Baode Building for $27m

The sale happened after a relaunch of tender on 14 December 2021. 

Baode Building’s sale was accomplished, after the seller, Amitabha Buddhist Society (Singapore) agreed to a transaction worth $27m.

Following a relaunch of the building’s tender last 14 December 2021, the property was sold with Colliers facilitating the sale process.

“We are thrilled to have facilitated the collective sale process to close this transaction for the owners of Baode Building. During the tender process, we had followed up closely with the Buyer and subsequently secured an offer that met the owners’ price expectations,” said John Bin, Director, Capital Markets and Investment Services, Singapore. 

The property is made up of an eight-storey residential building composed of 14 apartment units. 1,031.4 square metres, or around 11,102 sq. ft forms out the site area. Under the Master Plan 2019, the site is zoned for residential use with a gross plot ratio of 2.8 and an allowed height of up to eight storeys. 

Location-wise, the site is connected by the Pan Island Expressway and Kallang-Paya Lebar Expressway. Nearby transport includes the Paya Lebar MRT interchange station, which also serves as a connection to the East-West Line and the Circle Line.

Overall, the sales price matched the owners’ asking price, with a 5% deposit being put forward for the purchase of the site. Depending on the unit size, each unit owner is also set to receive estimated gross sale proceeds of $1.92m to $1.94m, upon the successful completion of the Property.